UBS’s takeover of Credit Suisse led to a surge in earnings in the second quarter, but third-quarter losses underscore that integrating its rival will be a long process.
UBS ’s first loss in nearly six years shouldn’t make investors take their eyes off the road.
While the Swiss bank said Tuesday that third-quarter net income was a negative $785 million—almost twice as large as the median analyst forecast—its shares rose about 3% in early trading.
Investors are wise to look through the fog and see that this was another set of encouraging figures.
Persons:
UBS ’
Organizations:
Credit Suisse, UBS
Locations:
Swiss